Businessmen are calling on the government to lower interest rates and remove obstacles to exports

The country’s leading businessmen urged the caretaker government to take necessary steps to reduce interest rates, create demand for local goods in the domestic market and remove obstacles to exports.

At a seminar organized by the Dhaka Chamber of Commerce and Industry (DCCI) today (October 5), they also said that businesses will not return to normal unless the law and order situation in the country improves.

The businessmen made the call during a seminar titled ‘Current Status of the Economy and Prospects of Bangladesh’ held at the DCCI office in the capital’s Motijheel.

DCCI President Ashraf Ahmed, who presided over the event, said the overall continuing tensions, including law and order situation, administrative action, bank lending rates and currency crisis, will result in contraction of the economy. “Jobs will not be created and inflation will not fall.

“Therefore, we need a business-friendly environment in which investments can be made and enterprises can operate. It will be the government’s primary responsibility to ensure this. At the same time, entrepreneurs must also fulfill the obligations of enterprises.

Former FBCCI president Mir Nasir Hossain said that the current interest rate is actually 17%. “Bangladesh Bank says that from March next year, if an institution fails to pay a single installment, it will be declared in default. What is the purpose of this? Do they want to destroy companies?

“It would be better to say so. “Companies are selling their businesses to pay off bank loans and become day laborers.”

Nasir called for immediate action to improve public order, reform the National Tax Chamber and reduce interest rates.